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Is Occidental Petroleum (OXY) Outperforming Other Oils-Energy Stocks This Year?

Zacks Equity Research
Updated
Abbott (ABT) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.

Investors focused on the Oils-Energy space have likely heard of Occidental Petroleum (OXY), but is the stock performing well in comparison to the rest of its sector peers? Let's take a closer look at the stock's year-to-date performance to find out.

Occidental Petroleum is a member of the Oils-Energy sector. This group includes 331 individual stocks and currently holds a Zacks Sector Rank of #3. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.

The Zacks Rank is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. OXY is currently sporting a Zacks Rank of #1 (Strong Buy).

The Zacks Consensus Estimate for OXY's full-year earnings has moved 62.07% higher within the past quarter. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.

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Based on the latest available data, OXY has gained about 15.30% so far this year. Meanwhile, stocks in the Oils-Energy group have gained about 6.59% on average. This means that Occidental Petroleum is performing better than its sector in terms of year-to-date returns.

Looking more specifically, OXY belongs to the Oil and Gas - Integrated - United States industry, which includes 9 individual stocks and currently sits at #34 in the Zacks Industry Rank. On average, this group has gained an average of 19.18% so far this year, meaning that OXY is slightly underperforming its industry in terms of year-to-date returns.

Going forward, investors interested in Oils-Energy stocks should continue to pay close attention to OXY as it looks to continue its solid performance.


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